# Table 6: Safe Asset Gap Projections

## Global Demand-Supply Trajectory

| Year | Global OADR | Safe Supply Ratio | Demand Index | Supply Index | Gap |
|------|------------|-------------------|-------------|-------------|-----|
| 2000 | 0.19 | 0.5433 | 74.4 | 53.7 | 20.7 |
| 2010 | 0.19 | 0.8109 | 77.6 | 80.1 | -2.5 |
| 2020 | 0.23 | 1.0826 | 93.2 | 106.9 | -13.8 |
| 2024 | 0.25 | 1.0126 | 100.0 | 100.0 | 0.0 |
| 2030 | 0.29 | 1.0819 | 117.0 | 106.8 | 10.1 |
| 2035 | 0.33 | 1.1396 | 131.8 | 112.5 | 19.2 |
| 2040 | 0.37 | 1.1978 | 146.9 | 118.3 | 28.6 |
| 2045 | 0.40 | 1.2584 | 158.1 | 124.3 | 33.9 |
| 2050 | 0.43 | 1.3212 | 170.9 | 130.5 | 40.4 |

## Safe Issuer Demographic Trajectories

| Country | OADR 2024 | OADR 2030 | OADR 2040 | OADR 2050 |
|---------|-----------|-----------|-----------|-----------|
| AUS | 0.3 | 0.3 | 0.4 | 0.4 |
| AUT | 0.3 | 0.4 | 0.5 | 0.5 |
| CAN | 0.3 | 0.4 | 0.4 | 0.4 |
| CHE | 0.3 | 0.4 | 0.5 | 0.5 |
| DEU | 0.4 | 0.4 | 0.5 | 0.5 |
| DNK | 0.3 | 0.4 | 0.4 | 0.4 |
| FIN | 0.4 | 0.4 | 0.4 | 0.5 |
| HKG | 0.3 | 0.5 | 0.7 | 0.9 |
| LUX | 0.2 | 0.3 | 0.3 | 0.4 |
| NLD | 0.3 | 0.4 | 0.4 | 0.4 |
| NOR | 0.3 | 0.3 | 0.4 | 0.4 |
| NZL | 0.3 | 0.3 | 0.4 | 0.4 |
| SGP | 0.2 | 0.2 | 0.3 | 0.4 |
| SWE | 0.3 | 0.4 | 0.4 | 0.4 |
| TWN | 0.3 | 0.4 | 0.5 | 0.7 |
| USA | 0.3 | 0.3 | 0.4 | 0.4 |

*Demand: GDP-weighted global OADR. Supply: debt/GDP of AA- or above issuers.*
*Index: 2024 = 100. Gap = demand index - supply index.*
*Demographic projections: UN WPP 2024 medium variant.*